Follow up on trades for 28 May08

Bharti 880 target achieved. High risk traders book partial profits and hold for targets of 890 for short-term.

Markets on 28-May-08

With just two days to go before expiry, it is highly likely that the market will remain volatile. I would recommend only high risk traders to trade in such a market. Long -term investors should see this as an opportunity to buy stocks that have been beaten in the past few trading sessions. 4830 is a crucial level for nifty and only if we close below this, one should think of taking fresh short positions.
Technicals do not bode too well for the bulls and there seems to be no positive data that is coming from any quarters. Friday will be a big day since it will be the first day after expiry and also because there will be several data that would be released on this day.
India expects Fertilizer subsidy to more than double in FY09. The result was that fertilizer stocks were up specifically Chambal and Nagarjuna. These may continue to see some positive action.
Bharti reacted positively to the fall out of the MTN deal. Technically, it looks strong and is likely to reach targets of 880 in the short-term.
JP associates looks weak on charts and is likely to touch 214 (BUY the stock then).
GMR Infra’s performance has been good for bears in recent times. All around too much of pessimism surrounding this stock at the moment with target expectations of 129-130 in the short-term. However, one must note that the stock has entered the oversold territory so the trend could reverse.

More updates on stock markets to follow.